Question

Vinod Ltd. having authorised Capital ₹1,00,00,000 divided into equity shares of ₹100 each, invited applications for issuing 25,000 equity shares at par. The amount per share was payable as follows: On Application ₹20 per share, on Allotment ₹30 per share, on First call ₹25 per share and on second and final call ₹25 per share. Applications were received for 24,000 shares and the shares were allotted to all the applicants. All calls were made and were received as follows: On 18,000 shares Full amount On 2,000 shares ₹75 per share On 2,500 shares ₹50 per share On 1,500 shares ₹20 per share The company forfeited those shares on which less than ₹75 per share were received. The forfeited shares were reissued at ₹95 per share fully paid up.

How much total amount was credited to share forfeiture account on forfeiture of shares?

Options

• ₹3,80,000

• ₹1,35,000

• ₹1,55,000

• ₹2,45,000

Answer 1

₹1,55,000

Explanation:

2,500 shares × ₹50 received = ₹1,25,000

1,500 shares × ₹20 received = ₹30,000

Total credited to Share Forfeiture A/c = ₹1,55,000